Market Outlook:
The global medical alert/personal emergency response system market was valued at USD 7,732 Mn in 2019 and is anticipated to reach USD 13,689.8 Mn by 2027, expanding at a CAGR of 7.4% during the forecast period. A medical alert/ personal emergency response system is designed to beep alarm in case any emergency requiring urgent attention. The system is also referred as a medical alarm. The system has a wireless transmitter inbuilt in a bracelet, wrist band, belts or pendant that can be activated in an emergency. When the system is activated, the signal is transmitted to an alarm monitoring central station, programmed phone numbers, or care givers from emergency agency. Medical personnel are then informed to offer their services at the destination where the personal emergency response system was activated.
Market Dynamics
Rising adoption of smartphones among ageing population
In the present scenario, increasing customer inclination towards smartphones is driving the sales of smartphones. Smart phones are used by millennials and adults as well as senior citizens across the globe. Usage of smart phones among the ageing people is boosting the medical industry. Demand for medical alert systems is increasing, due to rapid increase of the elderly population. The Personal Emergency Response Systems (PERS) is mainly designed for the elderly and the disabled demographics, who can easily seek help in an emergency using the device. This device helps in making emergency calls, 2-way communication, and medical reminders. This factor is expected to promote the growth of the entire market.
Increasing prevalence of chronic diseases among the elderly population
According to WHO, 12.5% of people aged 65 years and 45% of people aged 85 years and older suffer from Alzheimers and strokes. Awareness, self-help, and treatment of illnesses help people with chronic diseases and disabilities to lead healthy and independent lives. Chronic diseases such as dementia are driving the sector’s international development through the growing demand for social assistance service. Asia Pacific is the fastest-growing region in the market during the forecast period, due to increasing elderly population and rising prevalence of chronic diseases. Therefore, growing number of elderly and chronic patients is expected to promote the growth of the medical alert system market.
Rising healthcare spending among aging population
In the present scenario, people of every age including senior citizens are fitness conscious. They spend most of their savings in various fitness programs. Technological advancements helped healthcare companies to design different kinds of devices like wristbands, bracelets, and pendants for senior citizens to monitor health conditions and help them during emergency. Such devices are portable help buttons and mostly waterproof. Arvi, a healthcare firm, launched at-home medical alert system in India for senior citizens. Arvi installs ‘push button’ at all key areas of the house. The service aims to provide medical and non-medical emergency assistance to senior citizens. Senior Safety App has the following features: GPS, inactivity tracker, fall alert, low battery alert, dangerous situation alert, noisy environment alert, and SOS alert (request help or sound alarm).
Lack of technical advancement associated with medical alert system in developing countries
Many developing countries find it difficult to obtain medical equipment for medical care, which affects their ability to diagnose, prevent, control, and treat diseases and injuries. The mortality rate of diseases in developing countries is high. If the necessary resources and technology are available, these diseases are successfully treated or controlled. However, for many original equipment manufacturers (OEMs) who already have a nominal market share, investing in the market in developing countries is not attractive, as they get a minimal return on investment.
Smart devices and stylish products are expected to catch the customer eye
Most elderly people are suffering from diabetes, chronic obstructive pulmonary disease (COPD), and heart diseases, which cause serious injuries if not treated at the right time. Medical alert systems provide elderly adults independence at home and emergency services whenever they need it. Advancement of technologies such as IOT and AI in the medical alert system created attractive opportunities in this market. The technological revolution brought about by the Internet of Things (IOT) and artificial intelligence (AI) as well as increasing nursing and elderly centres are some of the opportunities in the personal emergency response system. These technologies help in creating a demand in the market, which is improving the overall efficiency of the medical alert system market.
Segmental Outlook
The global medical alert/personal emergency response system market is segmented on the basis of types, offerings, connection types, applications, technologies, and regions
On the basis of types, the medical alert/personal emergency response system market is segmented into home-based/landline-based system, mobile-PERS, standalone PERS, nurse call systems (NCS), ambulatory auto alert systems, automated airborne flight alert system, and smart belt. In terms of value, the Mobile-PERS segment is expected to expand at a CAGR of 8.2 % during the forecast period, owing to the digital transformation and the integration of technologies such as artificial intelligence (AI) and IoT in the mobile-PERS devices.
In terms of offerings, the market is segregated into hardware, software, and services. In terms of value, the hardware segment is expected to grow at a CAGR of 7.1% during the forecast period, as it is easy to use and does not require any prior medical knowledge.
On the basis of connectivity, the global medical alert/personal emergency response system market is classified as wired and wireless. The wireless segment is anticipated to expand at a CAGR of 8.8%, in terms of value, during the forecast period, as the devices possess various advantages over the traditional system, which includes lightweight, portability, connectivity with mobile apps, and durability.
Based on applications, the medical alert/personal emergency response system market is divided into home-based users, senior living facilities/senior care centers, and assisted living facilities. The home-based user segment is anticipated to expand at a CAGR of 6.9%, in terms of value, during the forecast period, due to the independence this system provides to the seniors living alone.
In terms of technologies, the market is segregated into two-way voice systems, unmonitored, medical alert alarm (button) systems, IP-based systems, and others. The two-way voice systems segment is expected to grow at a CAGR of 8.0% during the forecast period, due to growing aging population, as this system is ideal for the aging population and it does not take much time contacting family or friends or dialing an emergency number.
Regional Outlook
Based on regions, the global medical alert/personal emergency response system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a significant share of the market, due to the presence of various market players in the country. Growing aging population, increasing healthcare expenditure, and financial support provided by the government for senior citizens in North America are fueling the market in the region.
The market in Europe is projected to expand at a CAGR of 6.1% during the forecast period, owing to the increasing popularity of an independent lifestyle among senior citizens and growing healthcare spending in the region along with improvement in connectivity and communication technologies are driving the demand for the medical alert/personal emergency response system in Europe.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global medical alert/personal emergency response system Market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global medical alert/personal emergency response system Market Performance
Segments
Key Segments Covered
By Types
- Home-based/Landline-based System
- Mobile-PERS
- Cellular Emergency Response System
- Wireless Emergency Response System
- GPS-based Emergency Response Systems
- Standalone PERS
- Transmitter
- Standalone Voice Communicator
- Wandering System
- Cube-based Systems
- Nurse Call Systems (NCS)
- Ambulatory Auto Alert Systems
- Automated Airborne Flight Alert System
- Smart Belt
By Offerings
- Hardware
- Console Unit
- Transmitter
- Wristband Transmitter
- Pendant Transmitter
- Battery
- Software
- Services
By Connection Types
By Applications
- Home-Based Users
- Senior Living Facilities/Senior Care Centers
- Assisted Living Facilities
By Technologies
- Two-way Voice Systems
- Unmonitored
- Medical Alert Systems
- Medical Alert Alarm (Button) System
- IP-based systems
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Bay Alarm Medical
- Connect America
- Galaxy Medical Alert Systems
- Koninklijke Philips N.V.
- LifeFone Medical Alert Services
- LifeStation, Inc
- Medical Guardian, LLP
- MobileHelp
- ResponseNow Medical Alert Systems
- Vanguard Wireless Pty Ltd
Competitive Landscape
- Top players in the market include Bay Alarm Medical Connect America, Galaxy Medical Alert Systems, Koninklijke Philips N.V., LifeFone Medical Alert Services, LifeStation, Inc, Medical Guardian, LLP, MobileHelp, ResponseNow Medical Alert Systems, and Vanguard Wireless Pty Ltd. These companies are considered as key manufacturers of medical alert/personal emergency response system based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the medical alert/personal emergency response system market.
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